(Small businesses) Business arcades in trouble
|Chosun Ilbo tells that many business arcades (sangga), which were built and dealt out (punyang) to real estate buyers two-three years ago during the real estate boom are now having trouble filling the empty shop spaces. In a new arcade building in Jongno-gu, Naesu-dong, 50 of 240 shop spaces are in use, and half of these are real estate agencies. Those who have invested in a shop space are having trouble to pay the remainders, as finding anyone to rent the shop space is difficult. It's also expected that as so much shop space remains empty, the investors will be in trouble to pay back their loans. The shopping mall circles estimate that in the Seoul region 30-40% of the new business arcade shopping space is empty; in less auspicious areas only 10% may be in use. The total value of shopping mall shop space to be distributed this year is 20-30 trillion (is that correct? 20-30 cho wôn), and more than 10 cho of that sum is borrowed from banks, so lots of bad loans are expected to turn out.|
◆ 소유주들 잠 못 잔다 = 퇴직금이나 은행 빚을 ‘올인(?)’한 상가 주인들의 시름은 깊어만 간다. 지난해 서울 서초동 B주상복합 1층 상가(33평형, 110 sqm)를 8억원 [€500 000](대출 4억5000만원 포함)에 샀던 명퇴자 박모(53)씨는 잔금 1억2000만원을 3개월째 연체 중이다.
Cases of auctioned business arcade shops in Seoul area.
Investing in business arcades has been one way to prepare for retirement, as was the case in quote above: retirement or discharge pay (t'oejikkûm) added with loan to buy shop space, from which to get interest and rent. One of the shopkeeper informants of mine was according to her own words owner of some considerable shop space, from which she received good income - she wouldn't have needed to keep the shop, but she (and her cab-driving husband) still wanted more. They had been contemplating of acquiring more sangga business real estate, "to get some recognition (taejôp patta) in the old age". Also another shopkeeping woman (those Korean women with their real estate schemes...) thought she and her husband would like to acquire some sangga real estate, but she sounded much less sure than her colleague.